Exam (elaborations)
Encumbrances (1).
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Exam of 2 pages for the course NC Commercial Contractor at NC Commercial Contractor (Encumbrances (1).)
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EncumbrancesAd Valorem Liens - ANS-What lien has priority?
Warranty Deed - ANS-What is NOT an encumbrance?
The contractor can only lien the leasehold interest - ANS-A contractor does work for a
tenant in a commercial leased space. The tenant fails to pay the contractor. What is true
regarding the mechanic's lien?
Lessee - ANS-A non-disturbance clause would most likely benefit the:
Specific - ANS-An attachment is what type of lien?
The mechanic's lien is valid against the property - ANS-An owner hires a general
contractor to add a room and sells the property before paying for the work. The buyer
receives a warranty deed and a standard title owner's policy from the seller. When the
contractor files a lien, what is true?
Lien is not valid, as it was not recorded in the required time. - ANS-An owner of a
commercial building hires and pays a contractor, however the contractor fails to pay
subcontractor and files bankruptcy. Subcontractor files a mechanic's lien within 125
days from work completion. What is true?
Specific lien - ANS-What type of lien is a mechanic's lien?
Judgements - ANS-What would be considered a general lien?
Preparing the estoppel certificate - ANS-When a loan is created using real estate as
security, what would be the primary lender least consider?
Blanket - ANS-When a loan is written that contains a lot release clause, the loan is
called:
An encroachment - ANS-After a buyer purchases a property, he has a survey made and
finds that his neighbor recently built a fence on the buyer's land. This is an example of:
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